Another hike in Petrol, diesel prices
After the hike announced in the price of CNG in the Capital region, the Government has decided to make the fuel even more costly for the consumer. This time it is the turn of Petrol and Diesel in India that has been increased by Rs 3.73 per litre, diesel by Rs 2 per litre.
According to the announcement made by Oil Minister Murli Deora, the hike is a part of the plan to move towards a market-determined fuel price regime.
Moreover, the LPG prices have also gone up by Rs. 35 per cylinder while the Kerosene prices will also be hiked by Rs 3 per litre.
It is to be mentioned here that the Minister has had asked various state governments to lower sales tax that is being currently charged on petrol and diesel to cushion consumers from the impact of fuel price hike.
According to the reports, state-owned firms like IOCL, BPCL and Hindustan Petroleum lose close to Rs. 203 crore on a daily basis by selling fuel even lower than the imported cost. It is believed that such commodities will see even further hikes in the future